'Loan Stealing' Works For Schenectady CU
SCHENECTADY, N.Y.- While increasing numbers of credit unions are convincing members to refinance or consolidate their loans with them, Sunmark FCU has made a science of the practice it touts as "Loan Stealing." The $320-million credit union has "stolen" an estimated $60 million in new loans so far this year and hopes to steal as much as $100 million from area banks for the year, according to President Bruce Beaudette. Sunmark has a group of telemarketers it calls its "Outbound Team," which scours credit reports to see where members' may have other loans outstanding, then pitches lower rates and monthly savings to targeted members. "It's been a gold mine the last few years," Beaudette told The Credit Union Journal. The practice began around the time of the campaign for HR 1151 when the credit union was looking at a way to strike back at area banks. "